Below we highlight the relative strength of the ten S&P 500 sectors. In each chart, a rising line indicates that the sector is outperforming the S&P 500. Charts highlighted in red indicate that the sector has underperformed the S&P 500 over the last year. Finally, to show how the sectors have acted since the Fed cut rates, the red dots indicate the August and September rate cuts.

Over the last year only three sectors have underperformed the S&P 500, but as of a year ago, they were all in the top five in terms of market cap (Consumer Discretionary, Financials, and Health Care). With the exception of Materials, the Fed rate cuts seem to have had little impact on the performance of various sectors. For example, Consumer Discretionary, Financials, and Health Care remain in the downtrends they were in before the Fed cut rates, while Energy and Technology which were outperforming prior to the Fed's moves, continue to show strength.